Get Cash From Your Home
A cash-out refinance puts your home equity to work for you! You can get cash out of your home and use it for any purpose.
You can make home improvements to enhance the market value of your home, pay off expensive credit card debt, pay for college tuition, or even purchase a vacation home!
We are helping thousands of Americans get cash from their home and put it to productive use. Call an Intelliloan® Loan Specialist at 833-984-2471, or simply fill out this form online to know whether you are eligible for cash-out refinance and if it is beneficial for you.
What is Cash-Out Refinance?
A cash-out refinance will let you convert your home equity into money by creating a new mortgage for an amount larger than the original. And you will receive the difference of these two loans in cash.
This becomes possible because you only owe the original amount of mortgage to your lender. The additional loan amount of the refinanced mortgage gets paid to you in cash at the time of closing.
To be eligible for cash-out refinance, you will usually require at least 20 percent home equity. Tapping into this home equity while refinancing has become increasingly viable for homeowners as the housing valuations across the country continue to rise.
What should you do with the cash?
Using your money from cash-out refinance to pay for home improvements is a smart way to utilize equity because you are adding to the value of your home. Paying for college tuition or retiring an expensive credit card debt through cash-out refinance is also an equally useful strategy, depending on your needs. You could even free up cash for a down payment on your second home.
It makes sense to spend your money from cash-out refinance on a long-term, value-driven purpose because you will be paying interest for 15 or 30 years, as per the life of your loan.
Advantages of Cash-Out Refinance
A cash-out refinance enables you to access the money that you already have in a non-liquid asset to pay off major expenses such as home improvements, college tuition, medical costs, or funding a new business. Cash-out refinance can sometimes come with a lower rate than what you may be paying on student loans, credit cards, or unsecured personal loans.
You can use a cash-out refinance to consolidate or reduce debt, which is one of the popular options.
If you want to have a more stable interest rate in place of an adjustable rate that comes with HELOCs (home equity lines of credit), you could choose to do cash-out refinancing for a home renovation project or another important purpose.
Difference between a Home Equity Loan and a Cash-Out Refinance
Home equity lines or credit or home equity loans are often second mortgages. This means they are mortgages which you could take out on top of the primary mortgage on your home. This would make them a second lien against your property. But a cash-out refinance is a new first mortgage; it is not a second loan.
Popular Options for Cash-Out Refinance
30-Year Fixed-Rate Loan – If your priority is clean budgeting and long-term financial stability, this traditional mortgage with long-term fixed payments is an excellent choice.
FHA Loan – You can refinance up to 85 percent of the value of your home with this option.
Adjustable Rate Mortgage (ARM) – With the prevailing low rates, you can potentially save thousands of dollars in interest.
VA Loan – If you are a military member, veteran, or spouse, you could refinance up to 100 percent of the value of your home with a more cost-effective VA loan.
Why Choose Intelliloan®?
Our experience in home loans, the expertise of our home loan specialists, and our commitment to personalized service will make a real difference to your refinance experience.
You will have access to our super-efficient online application process that saves time and reduces paperwork. You can manage your mortgage online even after you close your loan.
Our Home Loan Specialists are available to help you with all the details so that you can get the right mortgage for your needs.
Call us now at 833-984-2471, or complete this online form and our cash-out refinance specialists will reach out to you.